10 of 19 PBBM priority bills passed
The House formally passed the controversial legislation establishing the multibillion-dollar sovereign wealth fund on Thursday evening, outnumbering the six opposition lawmakers.
Daily TribuneThe House formally passed the controversial legislation establishing the multibillion-dollar sovereign wealth fund on Thursday evening, outnumbering the six opposition lawmakers.
House lawmakers have found consensus on the President's legislative wish list and realized its commitments by churning out a series of supportive laws in the first five months of this Congress.
A total of 19 bills were prioritized by the President on top of the controversial Maharlika Investment Fund.
"In just about five months, we have approved on the third and final reading 10 of these measures. In addition, 37 other national bills and 128 local bills were likewise approved on third and final reading," House Speaker Martin Romualdez said.
He added: "This Maharlika bill is our response to the need for a more efficient, steady, and reliable growth of the nation's coffers, using well-thought-of investment gains that will ultimately redound to the benefit of the Filipino people."
The MIF, he said, went through the wringers of arduous scrutiny in its bid to resuscitate a pandemic-battered economy.
He said sovereign wealth funds "have been tried in both first-world and developing economies," like Singapore and Indonesia.
The Investment Fund Act, Romualdez said, would sustain programs that would generate more income and economic activity in the country, and build a business climate more attractive to investors.
Since the beginning of the 19th Congress, the lower chamber has been very vocal in supporting the Chief Executive's programs and priority legislations.
The House formally passed the controversial legislation establishing the multibillion-dollar sovereign wealth fund on Thursday evening, outnumbering the six opposition lawmakers.
The measure garnered 282 House authors before it swept the plenary's floor.
